Central Bank Raises 47b Br from Latest T-bill Auction

Feb 19 , 2022

The treasury bill auction held on February 9, 2022, managed to raise 47.3 billion Br. The National Bank of Ethiopia (NBE) had 16 billion Br worth of bills on offer during the latest round of its bi-weekly auction. Bidding parties, which are mostly financial institutions and pension funds, offered 49 billion Br, triple what the central bank offered. Subsequently, the NBE accepted 47 billion Br of the total at a cut-off yield rate of 7.9pc to 12pc The highest yield rate was for T-bills with a maturity period of 182 days, which also attained the highest bid value at 18.5 billion Br. The lowest yield rate went for 28-day bills at 7.9pc. The previous auction held at the end of last month generated 14.6 billion Br. T-bills are a tool used to finance the government's budget deficit. A few weeks ago, Parliament approved a 122 billion Br supplementary budget, which officials say will be wholly covered by domestic sources.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...